Norway contributes to safeguarding European economy

“Norway has today offered up to 6 billion SDR (equivalent to 7 billion euros) to the International Monetary Fund, as a bilateral loan to contribute to stabilising the European and international economy, and thus also to safeguard the Norwegian economy and Norwegian jobs”, says Prime Minister Jens Stoltenberg.

The loan will be part of ensuring that the IMF has sufficient lending capacity to assist member countries with emergency funding. This is vital also for countries in Europe.

“Many of Norway’s trade and cooperation partners are in a difficult economic situation. We have a strong interest in international economic and financial stability”, says Stoltenberg.

Norway’s loan offer is conditional, depending on a broader international effort.

The euro area countries promised Monday to make loans totalling 150 billion euros available for the IMF. Several EU countries outside the euro area have also declared their willingness to offer new loans. Countries outside Europe are considering additional contributions.

Pending the approval of the Norwegian Parliament, Norway’s loans will be made available to the IMF’s general lending operations. The funds will therefore be available for all IMF member countries, and not earmarked for any particular region or group of countries.